More will probably follow. The second stage of Project New BAC,
which involves cost-cutting measures,
a company re-org, and plans to make Bank of America smaller,
among other things, begins next month. That stage "addresses
corporate and investment banking units managed by
Montag," according to Reuters.
To us that means a number of things that we don't yet know, but
almost definitely more layoffs.

Even before confirmation of the upcoming layoffs, which came in
early September for BofA employees, BofA investment bankers
had reason to worry.

[Hotshot investment bankers] gaped at $14 restricted stock units,
granted in 2010 and early 2011, which on paper had lost half of
their value. They began thumbing smartphones for contact info of
potential alternative employers.

Jobs changed even for those who still believe in the firm -

Managers interrupted vacations to rush into the office and calm
valuable dealmakers.

Why so scared? BofA says it has $400 billion in cash and liquid
investments and $2.3 trillion in assets, according to Bloomberg.

Here's why. According to Bloomberg:

4.1 million loans nationwide are 90 or more days delinquent or in
foreclosure; delinquency rates are twice their historical norm;
foreclosure rates are eight times higher than the historical
average.